Somewhere I posted that I wanted long GOOG gamma into earnings. I chickened out for two reasons: 1) I have never traded either the options or the underlying. Normally, this is not enough to keep me out of a trade. But, 2) The $45 for the ATM straddle (at that time) scared me out of it. That is what I am used to paying for SPX options! Obviously, that was a bad decision as of last night. Right now, imo the GOOG ATM straddle is literally at "FV". I don't even like any spread.
I am thinking of taking a flyer on the jan 11 580 calls. I am not convinced we have approached Armegeddon yet. I don't see any skew/advantage on these particular set of strikes.
So this is my situation. I am at a new office trying to get my systems in place. I finally get most of my stuff going, settle down and start looking for opportunities. I launch my execution software, my proprietary system, and the first thing I check is how AMZN is doing. No surprise, I am losing money. Doesn't matter what the stock does, I lose money. Ok, fine, if this piece of shit doesn't make me money on the earnings announcement, it's asta la vista, baby. Markets close. Ding ding ding. Decent day, up a few hundred bucks. Got a bit lucky. Bah, give yourself some credit. Did some decent gamma scalping and that was the difference in being plus vs minus. AMZN announces, and the thing gets blasted ten dollars!!!. Finally!! Hmmm, this thing really is a piece of shit I tell myself. Nah, I won't hedge some deltas here, this thing is going to 110. I look away for a few seconds, I get a phone call that I have to pick up my daughter, ex can't do it. Fine no problem. More chit chat, I gotta go, yeah fine dinner we get sushi we both love it. Later. I look at my screen. AMZN is back to friggin even!!!! What? That's it, I can't trade this fucker.
You already know it but you don't take your eyes off the screen with earnings announcements. If you really can't say no, get some headphones and learn how to have connectivity problems, when needed